Accounting Journal Entries

ACC 202 Milestone Three Guidelines and Rubric

Overview: In the third milestone, you will jump forward in time: Imagine that your business has already opened. Use the updated scenario information to analyze your company’s performance.

Post-opening Scenario: Your angel investors are silent in relation to the business; however, they require board meetings for status updates on the company’s financial health. Therefore, you need to analyze your company’s performance over the last month using the data provided below.

Note: Your instructor will create an announcement sharing the income statement data by the end of Module Four. All of the data you need for the cost-of goods-manufactured statement can be found in the “COGM Schedule” tab of your workbook.

For your variance analysis, use the following financial data:

Grooming labor	Standard Hours	Standard Rate	Actual Hours	Actual Rate
	150	$12	180	$11.50
Grooming Materials	Standard Quality	Standard Price	Actual Quality	Actual Price
	1000	$2	1200	$3

Prompt: Complete your work in the provided workbook by assessing your company’s financial performance, specifically addressing the following critical elements:

· Financial Statements

· Create a statement of cost of goods manufactured in the “COGM Schedule” tab.

· Create an income statement in the “Income Statement” tab.

· Variance Analysis

· Identify all variances for the direct labor time and the materials price in the “Variances” tab.

· Evaluate the significance of the variances in the “Variances” tab.

· Incorporate all feedback from previous milestones to finalize your workbook

Rubric

Guidelines for Submission: You must submit a complete workbook, following the formats in the provided templates within each sheet

Critical Elements	Proficient (100%)	Needs Improvement (55%)	Not Evident (0%)	Value
Statement of Cost of Goods Manufactured	Creates the statement of cost of goods manufactured using the provided benchmarks	Creates the statement of cost of goods manufactured, but does not fully or accurately complete the task given the provided benchmarks	Does not create the statement of cost of goods manufactured	25
Income Statement	Creates the income statement using the provided benchmarks	Creates the income statement, but does not fully or accurately complete the task given the provided benchmarks	Does not create the income statement	25
Identify All Variances	Accurately identifies all variances for the direct labor time and the materials price	Identifies variances for the direct labor time and the materials price, but fails to fully or accurately identify each	Does not identify variances for the direct labor time and the materials price	25
Significance of the Variances	Evaluates the significance of the variances	Indicates the significance of the variances, but fails to fully or accurately identify their implications	Does not evaluate the significance of the variances	25
			Total	100%